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Resolution 4349 - Authority to Sell Lots for 1st Time Home Buyers - Teton Terrace1659 I -i C RESOLUTION NO. 4349 A RESOLUTION AUTHORIZING THE MAYOR, FINANCE DIRECTOR AND CLERK OF COUNCIL TO EXECUTE THE DOCUMENTS NECESSARY TO TRANSFER LOTS 22 AND 23, TETON TERRACE, AN AMENDED SUBDIVISION OF LOT 6, PORTA VILLA #3, RECORDS OF FLATSBAD COUNTY, LOCATED IN THE M, OF SECTION 12, T28N, R22W, P.M.M, FLATHEAD COUNTY, MONTANA TO HEWITT CONSTRUCTION. WHEREAS, the City Council of the City of Kalispell recognizes a need for affordable housing within the City, and WHEREAS, the creation of affordable housing opportunities has been established as a goal by the City, and WHEREAS, the City of Kalispell, a municipal corporation owns certain real property, to wit: LOTS 22 AND 23, TETON TERRACE, AN AMENDED SUBDIVISION OF Lot 6, PORTA VILLA ##3, RECORDS OF FLATHEAD COUNTY, LOCATED IN THE NEB, OF SECTION 12, T28N, R22W, P.M.M, FLATHEAD COUNTY, MONTANA and WHEREAS, the City has obtained final plat approval on said property and created two single family detached residential lots on said property, and WHEREAS, the City has applied for and received a Community Block Grant in the amount of $400,000.00 and a Montana Home Investment Partnership Program in the amount of $400,000.00 and will use a portion of each grant to fund site development and construction assistance to build the two single family detached residences on said property and other single family detached residences on remaining lots owned by the City within the Teton Terrace Subdivision, and WHEREAS, the City intends to utilize the lots created and improved to make property available to low income first time home buyers meeting certain eligibility requirements established by the Planning, Economic and Community Development Department of the City of Kalispell, Glacier Affordable Housing and lending institutions responsible for providing construction financing, and j:\wp\res\Teton 1 1660 WHEREAS, the PECDD, Glacier Affordable Housing and local lending institutions adopted a procedure whereby reputable contractors within Flathead County submitted competitive proposals to build pre - designed single family detached residences on the within described real property for sale to pre - qualified individuals desiring to obtain affordable housing, and WHEREAS, based upon review of proposals submitted by said contractors, Hewitt Construction submitted the most acceptable proposal to build single family detached residences on the above described real property, and WHEREAS, the Montana Board of Housing has agreed to provide up to $2,400,000.00 for the purpose of providing permanent financing to qualified first time home buyers, and WHEREAS, the proposed project, because it is directed at low income first time home buyers, requires that individual lots be sold at less than the fair market value, and WHEREAS, the property is not held in trust by the City of Kalispell for a specific purpose and therefore does not require an election in order to authorize its sale, and WHEREAS, the property is not necessary for the conduct of City business nor for the preservation of property owned by the City and its is in the best interest of the City of Kalispell and its inhabitants to sell said property to pre -qualified low income first time home buyers as described herein. NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF KALISPELL, MONTANA AS FOLLOWS: RRMTON I. That the Mayor, Finance Director and Clerk of Council are hereby authorized and directed to execute all necessary legal documents to transfer all right, title and interest that the City has in LOT 22, TETON TERRACE, AN AMENDED SUBDIVISION OF Lot 6, PORTA VILLA #3, j:\wp\res\Teton E . _ . �.. t.�.�.. .r.,e!..,r....... _, RECORDS OF FLATHEAD COUNTY, LOCATED IN THE NE% OF SECTION 12, T28N, R22W, P.M.M, FLATHEAD COUNTY, MONTANA to Hewitt Construction for Six Thousand Dollars ($6,000.00) cash, together with a Note in the amount of Ten Thousand Dollars ($10,000.00) bearing no interest, secured by a Second Mortgage and LOT 23, TETON TERRACE, AN AMENDED SUBDIVISION OF Lot 6, PORTA VILLA #3, RECORDS OF FLATHEAD COUNTY, LOCATED IN THE NE%, OF SECTION 12, T28N, R22W, P.M.M, FLATHEAD COUNTY, MONTANA to Hewitt Construction for Four Thousand Dollars ($4000.00) cash, together with a Note in the amount of Twelve Thousand Dollars ($12,000.00) bearing no interest, secured by a Second Mortgage. SECTION II. Said Note, secured by a Second Mortgage shall be assumed by the purchaser of the respective lots and be assigned to Glacier Affordable Housing at the time of closing of the permanent loan. Said Note shall be due on _ sale or refinance of said property secured by the Second Mortgage. 1-1 SECTION III. That the proceeds of the sale of the lots, authorized herein, shall be used to complete City obligations for the full development of Teton Terrace Subdivision for the benefit of low to moderate income buyers within the City of Kalispell. PASSED AND APPROVED BY THE CITY COUNC AND MAYOR OF THE CITY OF KALISPELL THIS 7 "k DAY OF It , 1997. Attest: V �i[ Debbie Gilviiw CMC Clerk of Council j:\wp\ree\Teton NO AW,,� f r.